Gates: Capitalism has ‘systemic’ problems with research, poverty

Bill Gates on Tuesday said capitalism has “systemic” problems when it comes to research, science and poverty, and that’s where governments and charities must step in.

Gates

The Microsoft co-founder and chairman spoke at the mHealth Summit in Washington, D.C. As is the norm these days, he was speaking as co-chair of the Bill & Melinda Gates Foundation.

“Capitalism does amazing things,” Gates said, “but it has one systemic problem in therms of research, in that it doesn’t do enough. It has another systemic problem in that the needs of the poorest will not be prioritized the way they would if you put a more human-values-driven system in.

“Now, of course we have government that comes in and tries to take the beauties of capitalism — which work for so many things, is so fantastic, and whenever if can be used is better than government — government comes in for things that the market doesn’t do well on.”